India’s Manufacturing Advantage Cost-competitiveness: India offers manufacturing that is 10–25% cheaper than in Europe or Latin America, giving it a significant price edge. Robust industrial base: Ranked as the second-largest steel producer globally, India benefits from a strong foundational input base—excellent for EV component manufacturing. Export momentum: The auto components industry achieved exports worth USD 21.2 billion in FY24, with aspirations to reach USD 80 billion by 2030, showcasing a clear trajectory for growth.